Connacher Oil & Gas Ltd CLLZF

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Connacher Comments on Trading Activity

Canada NewsWire

CALGARY, Dec. 8, 2011

CALGARY, Dec. 8, 2011 /CNW/ - Connacher Oil and Gas Limited (CLL - TSX) today
stated that it has been required by Investment Industry Regulatory Organization
of Canada (IIROC) to provide a comment on the recent trading activity in
Connacher's common shares.

Connacher has recently advised capital markets of its improved liquidity and
ongoing business plan, including in relation to its oil sands joint venture
initiatives and its conventional activities. Furthermore, the Company notes that
recently selling prices for bitumen have increased by over 50 percent above
average levels received in the most recent reporting period.

Connacher also advises it has received a confidential, non-binding, unsolicited
proposal to acquire all of the outstanding shares of the company.  The proposal
is conditional upon, among other things, due diligence, negotiation of all
definitive documentation and approval of the Board of Directors of Connacher and
of the interested party.

Consistent with its fiduciary duties and in consultation with its exclusive
financial advisor, Goldman Sachs, and its legal counsel, Macleod Dixon LLP, the
Board of Directors of Connacher is considering and evaluating the proposal.
There can be no assurance that a formal offer or a transaction will result from
this proposal.